MEDICAL INFORMATION TECHNOLOGY, INC.
APRIL 30, 2018
Total revenue increased $5.2M to $122.4M and operating income increased $2.5M to $15.8M, up 4.5% and 19.0% when comparing first quarter 2018 to that of the prior year. These results continue our growth and are the most important indicators of our business.
Net income decreased from $14.5M to $2.8M when comparing first quarter 2018 to that of the prior year. This was the result of a reduction in unrealized marketable securities gains experienced during the quarter. Such change must now be reflected within the income statement as the adoption of a new accounting standard mandates.
Fluctuations in market value of our securities have never distorted net income until now, but such fluctuations in the future will affect net income from now on. Thus comparisons of net income to prior periods may no longer be meaningful.
The Board of Directors declared a regular quarterly cash dividend of $0.62 per share on all of MEDITECH's outstanding common shares payable to holders of record at the close of business on April 23, 2018 with payment of such dividend to be made on Monday, May 7, 2018.
MEDITECH is pleased to provide access to its annual reports on Form 10-K and quarterly reports on Form 10-Q, just as soon as such reports are filed with the SEC. The reports listed below link to copies of the reports stored on MEDITECH's website.
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instead. To access our Code of Ethical Conduct click here
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